Eagle Nuclear Energy Corp 10-Q for FY2026 Q2

Eagle Nuclear Energy Corp. (NUCL)

10-Q 2026-07-20 For: 2026-05-31

Added on July 20, 2026

About this 10-Q

Eagle Nuclear Energy Corp filed this 10-Q on July 20, 2026, covering the quarter ended May 31, 2026 (FY2026 Q2).

Headline figures

Quarter ended May 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $25.06M; compared with a net loss of $1.03M a year earlier
Diluted EPS: -$0.87; compared with -$0.06 a year earlier

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Nevada		41-3113978
(State or other jurisdiction of organization)		(I.R.S. employer identification no.)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	NUCL	The Nasdaq Capital Market
Public Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share	NUCLW	The Nasdaq Capital Market

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

PART I – FINANCIAL INFORMATION		5

Item 1.	Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosure About Market Risk	48

Item 4.	Controls and Procedures	49

PART II – OTHER INFORMATION		51

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51

Item 3.	Defaults Upon Senior Securities	51

Item 4.	Mine Safety Disclosures	51

Item 5.	Other Information	51

Item 6.	Exhibits	52

SIGNATURES		53

	Page
Condensed Consolidated Interim Balance Sheets as of May 31, 2026 (unaudited) and November 30, 2025	7
Unaudited Condensed Consolidated Interim Statements of Operations for the Three and Six Months Ended May 31, 2026 and 2025	8
Unaudited Condensed Consolidated Interim Statements of Changes in Stockholders’ Equity (Deficit) for the Six Months Ended May 31, 2026 and 2025	9
Unaudited Condensed Consolidated Interim Statements of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended May 31, 2026 and 2025	10
Unaudited Condensed Consolidated Interim Statements of Cash Flows for the Six Months Ended May 31, 2026 and 2025	11
Notes to Unaudited Condensed Consolidated Interim Financial Statements	12


		May 31, 2026			November 30, 2025
		(Unaudited)			(Audited)
Assets

Current assets
Cash		$	28,091,090		$	1,301,928
Prepaid expenses			898,822			162,897
Total current assets			28,989,912			1,464,825

Restricted cash			190,960			—
Deposits			71,506			71,506
Property, plant and equipment			283,877			—
Intangible asset, net			96,450			65,915
Mineral rights			12,755,725			1,201,390
Right of use asset – operating lease, net			701,311			84,326
Total assets		$	43,089,741		$	2,887,962

Liabilities, Mezzanine Equity, and Stockholders’ Equity (Deficit)

Current liabilities
Accounts payable and accrued liabilities		$	783,866		$	530,339
Due to related parties			120,130			280,025
Dividends payable			781,151			—
Lease liabilities – current			140,075			33,155
Total current liabilities			1,825,222			843,519

Warrant liability			21,925,000			—
Lease liabilities – non-current			589,935			55,086
Total liabilities			24,340,157			898,605

Commitments and contingencies (Note 16)
Mezzanine equity
Redeemable common stock, $0.0001 par value, 300,000,000 shares authorized; none issued and outstanding as of May 31, 2026 ($0.0001 par value, 350,000,000 shares authorized; 2,750,000 issued and subject to possible redemption at $0.11 per share as of November 30, 2025)⁽¹⁾			—			300,000
Series A Cumulative Preferred Stock, redeemable, $0.0001 par value, 3,500,000 shares authorized; 29,700 shares issued and subject to possible redemption beginning February 24, 2031 at $1,000 per share plus accrued and unpaid dividends, as of May 31, 2026 ($0.0001 par value, 50,000,000 shares authorized; none as of November 30, 2025)			25,729,800			—

Stockholders’ equity (deficit)
Common stock, $0.0001 par value, 300,000,000 shares authorized; 29,579,798 shares issued and outstanding as of May 31, 2026 ($0.0001 par value, 350,000,000 shares authorized; 18,888,289 shares, excluding 2,750,000 shares subject to possible redemption as of November 30, 2025)⁽¹⁾			2,958			1,889
Preferred stock, $0.0001 par value, 3,500,000 shares authorized; none issued and outstanding, excluding 29,700 shares subject to possible redemption as of May 31, 2026 ($0.0001 par value, 50,000,000 shares authorized; none as of November 30, 2025)			—			—
Additional paid-in capital⁽¹⁾			26,612,495			7,968,157
Accumulated deficit			(33,595,669)			(6,280,689)
Total stockholders’ equity (deficit)			(6,980,216)			1,689,357
Total liabilities, mezzanine equity and stockholders’ equity (deficit)		$	43,089,741		$	2,887,962


		For the three			For the three			For the six			For the six
		months ended			months ended			months ended			months ended
		May 31, 2026			May 31, 2025			May 31, 2026			May 31, 2025
Operating expenses
Business development		$	267,827		$	—		$	348,277		$	—
Amortization and depreciation			5,602			—			8,026			—
Exploration expense			496,419			56,678			723,920			63,983
Office and administrative			831,489			60,539			1,238,685			91,580
Professional fees			2,010,841			710,540			2,469,761			1,213,453
Rent expense			80,856			22,483			153,598			48,943
Investor relations			69,390			—			159,211			—
Salaries and wages			3,295,905			—			3,353,846			—
Licensing fee expense			12,603			—			26,249			—
Travel and entertainment			236,509			170,706			287,971			269,552
Total operating expenses			(7,307,441)			(1,020,946)			(8,769,544)			(1,687,511)

Other income (expense)
Change in fair value of warrant liability			(17,750,724)			—			(17,750,724)			—
Interest income			31			—			31			—
Loss on foreign currency transactions			(3,813)			(4,160)			(13,592)			(4,590)
Total other expense			(17,754,506)			(4,160)			(17,764,285)			(4,590)

Net loss		$	(25,061,947)		$	(1,025,106)		$	(26,533,829)		$	(1,692,101)

Preferred stock dividends			(748,603)			—			(781,151)			—

Net loss attributable to common stockholders		$	(25,810,550)		$	(1,025,106)		$	(27,314,980)		$	(1,692,101)

Weighted average number of shares outstanding, common stock – Basic and diluted⁽¹⁾			29,657,841			17,717,143			24,567,206			17,252,802

Loss per share, common stock – Basic and diluted⁽¹⁾		$	(0.87)		$	(0.06)		$	(1.11)		$	(0.10)


	Common Stock									Total
	Number of			Additional		Obligation to		Accumulated		Stockholders’
	Shares⁽¹⁾	Amount		Paid-In Capital		Issue Shares		Deficit		Equity (Deficit)
Balance November 30, 2024	16,452,690	$	1,645	$	227,093	$	167,750	$	(1,020,057)	$	(623,569)
Issuance of common shares	2,252,083		226		8,015,622		(427)		—		8,015,421
Issuance of shares to consultants	85,690		8		304,992		(167,750)		—		137,250
Share issuance costs	97,826		10		(577,130)		—		—		(577,120)
Net loss	—		—		—		—		(1,692,101)		(1,692,101)
Balance, May 31, 2025	18,888,289	$	1,889	$	7,970,577	$	(427)	$	(2,712,158)	$	5,259,881


Balance November 30, 2025	18,888,289	$	1,889	$	7,968,157	$	—	$	(6,280,689)	$	1,689,357
Conversion of redeemable common stock	2,750,000		275		299,725		—		—		300,000
Reverse recapitalization	6,230,033		623		1,990,561		—		—		1,991,184
Issuance of common shares for acquisition of Oregon Energy LLC	1,710,991		171		11,959,656		—		—		11,959,827
Accretion of mezzanine equity	—		—		(204,076)		—		—		(204,076)
Correction of share issuance	285		—		—		—		—		—
Shares issued for warrant exercises	200		—		2,300		—		—		2,300
Stock based compensation - Options	—		—		2,308,868		—		—		2,308,868
Stock based compensation - RSUs	—		—		2,287,304		—		—		2,287,304
Net loss attributable to common stockholders	—		—		—		—		(27,314,980)		(27,314,980)
Balance, May 31, 2026	29,579,798	$	2,958	$	26,612,495	$	—	$	(33,595,669)	$	(6,980,216)


		For the six months			For the six months
		ended May 31, 2026			ended May 31, 2025
Cash flows from operating activities
Net loss attributable to common stockholders		$	(27,314,980)		$	(1,692,101)
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:
Amortization and depreciation			8,026			—
Change in fair value of warrant liability			17,750,724			—
Loss on foreign currency transactions			13,592			—
Non-cash lease adjustment			23,648			—
Non-cash consulting fees			—			17,874
Preferred stock dividends			781,151			—
Stock based compensation			4,596,172			—

Changes in operating assets and liabilities:
Accounts payable and accrued liabilities			171,677			50,911
Prepaid expenses			(581,992)			(119,939)
Due to related parties			(159,895)			(200,998)
Net cash used in operating activities			(4,711,877)			(1,944,253)

Cash flows from investing activities
Purchase of property, plant and equipment			(47,967)			—
Purchase of intangible assets			(11,925)			—
Investment in mineral rights			(18,155)			(600,000)
Cash assumed on acquisition of Oregon Energy LLC			141,262			—
Net cash provided by (used in) investing activities			63,215			(600,000)

Cash flows from financing activities
Proceeds from the issuance of common stock, net of issuance costs			—			7,438,301
Proceeds from exercise of warrants			2,300			—
Proceeds from PIPE financing			29,700,000			—
Cash assumed on reverse recapitalization			1,939,457			—
Net cash provided by financing activities			31,641,757			7,438,301

Effects of foreign exchange on cash			(12,973)			—

Increase in cash			26,980,122			4,894,048
Cash and restricted cash, beginning of period			1,301,928			717
Cash and restricted cash, end of period		$	28,282,050		$	4,894,765

Presented as:
Cash		$	28,091,090		$	4,894,765
Restricted cash			190,960			—
Cash and restricted cash, end of period		$	28,282,050		$	4,894,765

Supplemental disclosure of non-cash information
Share issuance costs in accounts payable		$	—		$	14,540
Share issuance costs settled in shares		$	2,097,000		$	348,194
Share issuance for acquisition of Oregon Energy LLC		$	11,959,827		$	—
Conversion of redeemable common stock into nonredeemable common stock		$	300,000		$	—
Reverse recapitalization		$	1,991,184		$	—
Accretion of mezzanine equity		$	204,076		$	—
Additions to intangible assets in accounts payable		$	20,534		$	—
Prepaid expenses paid by issuance of shares		$	—		$	122,000
Consultant bonus settled by issuance of bonus shares		$	—		$	183,200


Name of subsidiary		Place of incorporation		Ownership
Eagle Energy		Nevada, the United States		100	%
Oregon Energy		Oregon, the United States		100	%
SVII		Cayman Islands		100	%

● Buildings	20 years
● Furniture and equipment	5 years
● Moveable equipment	4 years
● Other equipment	5 years


		Number of shares		%
SVII Public Shareholders⁽¹⁾		1,101,717		3.44	%
SVII Rights Conversion		2,299,982		7.17	%
SVII Founders⁽²⁾		2,528,334		7.88	%
Total SVII		5,930,033		18.49	%
Eagle Energy Shareholders		21,638,289		67.45	%
Aurora Energy		1,710,991		5.33	%
Shares Issued for Transaction Costs		300,000		0.94	%
Total Common Stock at Closing		29,579,313		92.21	%
Series A Cumulative Convertible Preferred Stock, As Converted		2,500,000		7.79	%
Total Shares		32,079,313		100.00	%


Cash	$	4,894,595
Less: transaction costs		(2,916,782)
Proceeds from the reverse recapitalization	$	1,977,813

Net liabilities assumed by the Company:
Prepaid expenses	$	24,284
Accounts payable and accrued liabilities		(10,913)
Promissory notes payable		(2,422,133)
Net assets (liabilities)	$	(2,408,762)

Add: conversion of promissory notes to warrants	$	2,422,133
Net contributions from reverse recapitalization	$	1,991,184


Proceeds from the reverse recapitalization	$	1,977,813
Add: transaction costs not paid from de-SPAC proceeds		48,689
Less: Cash disbursed for prepaid expenses from de-SPAC proceeds		(87,045)
Cash assumed on reverse recapitalization	$	1,939,457


Number of common shares issued for acquisition of Oregon Energy		1,710,991
Fair value per share	$	6.99
Share consideration	$	11,959,827
Cash consideration from prior option payments (Note 9)		1,219,545
Total consideration	$	13,179,372

Net assets assumed by the Company:
Cash	$	302
Prepaids and deposits		42,604
Restricted cash		140,960
Property, plant and equipment		242,012
Accounts payable and accrued liabilities		(2,231)
Mineral rights		12,755,725
Net assets (liabilities)	$	13,179,372


		May 31,			November 30,
		2026			2025
Land		$	151,172		$	—
Buildings			80,593			—
Furniture and equipment			49,457			—
Moveable equipment			1,253			—
Other equipment			7,504			—
			289,979			—

Accumulated depreciation			(6,102)			—
Net book value		$	283,877		$	—


											Weighted
											Average
					Accumulated						Remaining Life
		Gross Asset			Amortization			Net Assets			(Years)
Patent licenses		$	67,430		$	(1,515)		$	65,915		19.5
Total intangible asset, net		$	67,430		$	(1,515)		$	65,915		19.5


	Aurora Uranium Property
Balance, November 30, 2024	$	—
Property option payment		1,000,000
Reimbursement of mining operations expenditures		201,390
Balance, November 30, 2025		1,201,390
Reimbursement of mining operations expenditures		18,155
Issuance common stock (Note 5)		11,536,180
Balance, May 31, 2026	$	12,755,725


Lease liabilities		May 31, 2026			November 30, 2025
Current portion of operating lease liabilities		$	140,075		$	33,155
Long-term portion of operating lease liabilities			589,935			55,086
		$	730,010		$	88,241


Operating lease commitments and lease liability:
2026	$	127,842
2027		209,474
2028		180,665
2029		179,938
2030		183,537
2031		31,201
Total future minimum lease payments		912,657
Discount		(182,647)
Total	$	730,010


Balance as at November 30, 2025		$	—
Issuance			4,174,276
Change in fair value of warrant liabilities			17,750,724
Balance as at May 31, 2026		$	21,925,000


				February 24, 2026
	May 31, 2026			(at issuance)
Share price	$	10.08		$	6.99
Exercise price reset date		September 22, 2026			September 22, 2026
Floor price	$	7.50		$	7.50
Discount for lack of marketability		—			64.1	%
Expected volatility		120	%		100	%
Risk free interest rate		4.04	%		3.55	%
Expected life of warrant		4.74 years			5 years


Redeemable common stock, November 30, 2024	$	—
Gross proceeds		300,000
Less: share issuance costs		(170)
Plus: adjust carrying value to redemption value		170
Redeemable common stock, November 30, 2025		300,000
Less: transfer to permanent equity		(300,000)
Redeemable common stock, May 31, 2026	$	—


Redeemable Series A Cumulative Convertible Preferred Stock, November 30, 2025	$	—
Gross proceeds		29,700,000
Allocation to warrant liability (Note 11)		(4,174,276)
Accretion		204,076
Redeemable Series A Cumulative Convertible Preferred Stock, May 31, 2026	$	25,729,800


				Weighted Average
		Number of stock options		Exercise price
Balance, November 30, 2025		—		$	—
Granted		887,375			9.87
Balance, May 31, 2026		887,375		$	9.87


				Outstanding Options				Exercisable Options
					Weighted	Weighted			Weighted
					Average	Average			Average	Weighted
	Expiry	Exercise			Remaining	Exercise			Remaining	Average
Grant Date	Date	Price		Number	Life	Price		Number	Life	Exercise Price
		$				$				$
15-Apr-26	15-Apr-31	$	10.00	750,000	4.88 years	$	10.00	250,000	4.88 years	$	10.00
6-May-26	6-May-31	$	9.15	137,375	4.93 years	$	9.15	52,564	4.93 years	$	9.15
				887,375	4.89 years	$	9.87	302,564	4.89 years	$	9.85


Expected volatility		114.01% – 114.36%
Expected term		2.75 years – 3 years
Risk free interest rate		3.90% - 3.99%
Dividend yield		0%


		Number of RSUs
Balance, November 30, 2025		—
Granted		592,125
Balance, May 31, 2026		592,125


Number of RSUs outstanding	Grant date	Number of RSUs Vested
250,000	April 15, 2026	83,333
342,125	May 6, 2026	134,356
592,125		217,689


Number of warrants outstanding		Exercise price			Expiry date
2,500,000		$	12.00		February 24, 2031
20,921,916		$	11.50		February 24, 2031
23,421,916


	For the three		For the three		For the six		For the six
	months ended		months ended		months ended		months ended
	May 31, 2026		May 31, 2025		May 31, 2026		May 31, 2025

Operating expenses
Exploration expense	$	496,419	$	56,678	$	723,920	$	63,983
Office and administrative		831,489		60,539		1,238,685		91,580
Professional fees		2,010,841		710,540		2,469,761		1,213,453
Salaries and wages		3,295,905		—		3,353,846		—
Change in fair value of warrant liability		17,750,724		—		17,750,724		—
Other segment items*		676,569		197,349		996,893		323,085
Net loss	$	(25,061,947)	$	(1,025,106)	$	(26,533,829)	$	(1,692,101)


		For the six months ended		For the six months ended
		May 31, 2026		May 31, 2025
		$		$
Net cash provided by (used in):
Operating activities		(4,711,877)		(1,944,253)
Investing activities		63,215		(600,000)
Financing activities		31,641,757		7,438,301
Effects of foreign currency transactions on cash		(12,973)		—
Increase in cash		26,980,122		4,894,048

Exhibit No.		Description of Exhibit
2.1†		Amended and Restated Agreement and Plan of Merger, dated as of September 29, 2025, among Spring Valley Acquisition Corp. II, Eagle Nuclear Energy Corp., Spring Valley Merger Sub II, Inc., Spring Valley Merger Sub III, Inc. and Eagle Energy Metals Corp. (included as Annex A to the definitive proxy statement/prospectus filed by Eagle Nuclear Energy Corp. with the SEC on February 2, 2026).
3.1		Amended and Restated Articles of Incorporation of Eagle Nuclear Energy Corp. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by Eagle Nuclear Energy Corp. with the SEC on March 2, 2026).
3.2		Amended and Restated By-Laws of Eagle Nuclear Energy Corp. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by Eagle Nuclear Energy Corp. with the SEC on March 2, 2026).
3.3		Amended and Restated Certificate of Designation of Series A Cumulative Convertible Preferred Stock of Eagle Nuclear Energy Corp. (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed by Eagle Nuclear Energy Corp. with the SEC on March 2, 2026).
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS^*		XBRL Instance Document
101.SCH^*		XBRL Taxonomy Extension Schema Document
101.CAL^*		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF^*		XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB^*		XBRL Taxonomy Extension Label Linkbase Document
101.PRE^*		XBRL Taxonomy Extension Presentation Linkbase Document
104^*		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101 attachments)

	EAGLE NUCLEAR ENERGY CORP.

Date: July 20, 2026	By:	/s/ Manavdeep Mukhija
	Name:	Manavdeep Mukhija
	Title:	Chief Executive Officer and Chairman
		(Principal Executive Officer)

Date: July 20, 2026	By:	/s/ Ajaypreet Toor
	Name:	Ajaypreet Toor
	Title:	Chief Financial Officer
		(Principal Financing and Accounting Officer)